The price is right

There are many different models for pricing a product or service. So how do you know if you’re setting up the right price?
For one, most people price things based on an analysis of what you’ve put into the product/service and what you want to get out of it. Unfortunately, many times, some of these price points are far out in left field. So how do you manage such a thing?
There are two ways to approach this problem. If you’re entering a market that already exists, then you can either take the premium approach and hope that your marketing will pay off so that people will buy into your product over your competitors. The other is to undersell or have a multitude of pricing variables. Many people think that this method isn’t for them but it’s amazing how quantity can outlast anything else. Just look at the Walmart empire.